Legal and General Financial Strength Downgrade
Published / Last Updated on 12/03/2009
Legal and General Financial Strength Downgrade
Credit rating agency Fitch has downgraded Legal & General from A+ on long tern debt default rating to AA-, its unsecured debt rating down from A+ to A and the insurance side of the business from AA+ to AA.
This is all amid the huge capital value falls that all insurers have suffered as a result of the economic downturn in addition to L&G making provision for an bad debts that may not be repaid.
The fact is that Legal & General is still rated as one of the top if not the highest financial strength rating of all financial companies in the UK. It is no surprise that L&G’s rating has fallen slightly.
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